Do you know what's crazy? The fact that former Fannie Mae (FNM) CEO Franklin Raines is still getting $1,000,000 per year. That, and Hank Paulson's tax-free sale of his Goldman Sachs (GS) stock, rubs my craw.

I asked Pep to pull up charts of the S&P, INDU and Russell. Once he did, I told him "If you flip all of those charts upside down, you'd be buying everything in sight. As it stands, this is classic churning under resistance." Technicals are but one of four primary metrics, we know, but it's a worthy exercise.

The following is an excerpt from BTIG Chief Market Strategist Mike O'Rourke, who I consider to be one of the sharper minds on the Street. We share this with his permission.It is a pretty sad state of affairs in the capital markets when a $2.2 Billion acquisition cannot be closed regardless of the reasons offered for the 3Com (COMS) deal falling apart. It appears that the throughout the market, when even the smallest opportunity emerges for private equity buyers to walk from a deal, they are now running for the exit.

These days, the credit crunch is spreading like wildfire. The private equity crowd is not the only one walking away. Banks and brokers are walking away from obligations and customers at an alarming rate. Standard Chartered is the first bank to walk away from a SIV. Previous failures to date were non-bank structures. Wealthy retail investors, who are the prized clients of banks and brokers, cannot redeem their "cash" (ARS preferred) investments. It will be some time before deep pocketed individuals will buy a product with an acronym again.

The reputational risk is enormous. Relationships which take years to cultivate are being fractured. It is a sure bet that these high net worth individuals are already in search of new brokers. There was a time in this industry when financial firms would stand behind commitments, especially to good clients, in order to protect the long term relationship even when not obligated. These days, if there is a loophole, financial firms across the board are seizing it.

Right now, this every man for himself mentality has only a slight feel of panic to it but it is worth monitoring to see if the fear builds.